SP Angel Morning View: Gold prices soar past record highs following Fed inflation gauge as Central Bank buying accelerates

SP Angel Morning View: Base Metals prices pause rally as market digests China PMIs

SP Angel Morning View: Gold slides to one-month low as traders optimistic over soft landing

SP Angel Morning View: China commodity production ramps up as optimism grows over economic recovery

SP Angel Morning View: China stimulus talks help risk sentiment ahead of US Fed rate decision Wednesday MiFID II exempt information – see disclaimer below Alphamin Resources (AFM CN) – Operational and financial

Hybridan Small Cap Feast 5 June 2022

5th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

SP Angel Morning View: Lithium demand outlook improves as China considers extending EV tax subsidies

SP Angel Morning View: Metals fall as Dollar gains on potential for further Fed rate hikes

SP Angel Morning View: Expectations for steeper rate hikes lift US$ and dampen risk sentiment

SP Angel Morning View: Global commodity inventories continue to slide with nickel and copper near risk of depletion

Anglo Asian Mining* (AAZ LN) - BUY – Follow up investment in Libero Copper & Gold maintaining 20% interest Beowulf Mining* (BEM LN) – Contract awarded for Grafintec PFS Cobra Resources (COBR LN) – Maiden resource estimate for Wudinna rare earth project KEFI Gold and Copper* (KEFI LN) – 2022 drilling grows Hawiah MRE by 16% to 29mt Tianqi-led company bids A$136m for Australian lithium developer Essential Metals Sunrise Resources (SRES LN) – Pioche sepiolite project extended following trenchi

SP Angel Morning View: Copper stabilises on China covid reopening, dollar weakness and Beijing property stimulus measures

Anglo American (AAL LN) – Appointment of new Group Director-Technical Europa Metals Limited (EUZ LN) – Mineral resource increase at Toral Galantas Gold* (GAL LN) – BUY, TP:54p – Q3 results show strong cash position ahead of production restarting at Omagh Mkango Resources* (MKA LN) – Q3 results underpinned by release of DFS Metal Tiger (MTR LN) – Disposal of 49% interest in Kalahari Metals Petra Diamonds (PDL LN) – Williamson mine expected to resume production in mid-2023 Sunrise Resourc

SP Angel Morning View: Gold holds ground as traders weigh up Fed's options before rate decision next week

Bluejay Mining* (JAY LN) – Rob Edwards takes over as Executive Chairman Bushveld Minerals* (BMN LN) – Valuation 23p – Kiln 3 drives performance through the third quarter for Bushveld Chaarat Gold (CGH LN) – Suspension on the back of a potential reverse takeover of Lydian gold assets in Armenia Empire Metals* (EEE LN) – Large magnetic anomaly identified at Pitfield Harmony Gold (HAR SJ) – Acquisition of Eva Copper project, Australia Jubilee Metals Group (JLP LN) – FY 2022 operational result

SP Angel Morning View: IMF cuts growth outlook citing ongoing issues - high rates, strong inflation and Covid

BlueRock Diamonds* (BRD LN) – Sale of 10.22ct stone for US$122,888 Caledonia Mining (CMCL LN) – Another quarterly production record at the Blanket mine, Zimbabwe Castillo Copper (CCZ LN) – Progress of the drilling campaign at the East Zone of the BHA project Condor Gold* (CNR LN) – Largest shareholder appointed Chairman East Star Resources (EST LN) – Drilling to commence immediately at the Talairyk Heavy REE Project Kavango Resources (KAV LN) – CSAMT survey flown on KCB Petra Diamonds (PDL

SP Angel Morning View: Metals rise on G7 $600bn infrastructure target and as China eases travel quarantine rules

BHP (BHP AU) – $4bn earmarked for emissions reduction by 2030 Conroy Gold & Natural Resources (CGNR LN) – Drilling at Clontibret encounters mineralisation KEFI Gold and Copper* (KEFI LN) – Response to press reports Keliber (private) – Environmental permits secured for lithium plants Kore Potash* (KP2 LN) - BUY – Kola Optimisation Study delivers better economics and more robust project with EPC and funding proposal targeted for H2/22 Orosur Mining* (OMI LN) – Positive soil sampling results

SP Angel Morning View: Copper prices drop below $9,000/t on global demand fears

AEX Gold (AEXG LN) – Acquisition of additional exploration licences in Greenland Arc Minerals* (ARCM LN) – Agreement with Anglo American Caledonia Mining* (CMCL LN) – Record Q1 gold production from the Blanket mine, Zimbabwe KEFI Gold and Copper* (KEFI LN) – Progress report on Tulu Kapi project Largo (LGO CN) – Stronger vanadium prices lift Q1 22 earnings Serabi Gold* (SRB LN) – Palito delivers 2022's highest monthly production in April Sunrise Resources (SRES LN) – Correction to our comm

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

Falcon Oil & Gas - Funding a Multi TCF Resource

Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost

Initiation of Coverage - Critical raw materials for Europe’s green transition

Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten

Morning Note – 22 April 2024

Morning Note – 24 April 2024

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

LIBERUM: Ferrexpo: Production triples

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Transition to Mining Operator

Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Jersey Oil & Gas (JOG LN) - Share price fall creates opportunity

Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.